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- Ethereum has underperformed key assets within and outside the crypto market.
- Ethereum is an innovation at the level of human civilization but is mispriced due to lack of killer applications, says F2pool co-founder.
- Ethereum could decline toward $2,111 if it fails to reclaim the $2,400 support level.
Daily digest market movers: Is Ethereum underperforming or undervalued?
According to Ecoinometrics, Ethereum has been the worst-performing asset among large capitalization assets year to date. While Nvidia, Meta, Bitcoin, Apple, Gold, Google, Amazon, NASDAQ and Microsoft have posted gains of 142%, 48%, 38%, 22%, 19%, 18%, 18% and 12%, respectively, Ethereum struggles with a return of only 9%.The fall outlook isn’t great, more downside risk:
Now is a time for caution rather than bold moves. Follow @ecoinometrics for more charts and insights on… — ecoinometrics (@ecoinometrics) September 5, 2024
• Small rate cuts probably won’t boost market liquidity much.
• U.S. economic uncertainty may weaken the broader market.
ETH technical analysis: Ethereum could see further decline if it fails to reclaim key support level
Ethereum is trading around $2,390 on Thursday, down more than 2% on the day. In the past 24 hours, ETH has seen $14.74 million in liquidations, with long and short liquidations accounting for $11.09 million and $3.65 million, respectively. ETH has breached the support level around $2,400 of a key rectangle for the second time in the past three days. ETH traded inside this rectangle for over three weeks in August before moving outside it on Tuesday.
ETH/USDT 4-hour chart
If ETH fails to quickly reclaim the $2,400 support, its price could decline toward the $2,111 support level. This aligns with a key trendline that suggests ETH will likely decline to the support level around $2,111 before staging a rally.
The Relative Strength Index (RSI) is below its midline but attempting to move above its moving average. If it completes this move, ETH could see a brief rise.
In the short term, ETH could rise to $2,425 to liquidate positions worth more than $45 million.
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